GO
Loading...

Cramer: Amgen, Regeneron stocks are going higher

CNBC's Jim Cramer on Wednesday identified two biotechnology stocks that he thinks could soon push higher, namely Amgen and Regeneron Pharmaceuticals.

In a rebound from a disappointing first quarter, Amgen posted higher-than-expected second-quarter profit on Tuesday, helped by strong sales of its rheumatoid arthritis drug Enbrel. It significantly raised its full-year earnings forecast, as well.

Read MoreAmgen 2nd quarter profit rises; announces up to 2,900 job cuts

"The numbers were up 34 percent for a bone cancer drug ... that no one was thinking about as good," said Cramer on "Squawk on the Street," referring to denosumab, a bone-strengthening drug that's sold commercially as Prolia. "This stock is going higher."

Jim Cramer
Adam Jeffery | CNBC
Jim Cramer

Separately, Cramer said Regeneron is being helped by a new drug that cut "bad" LDL cholesterol more than placebo and existing treatments in nine late-stage clinical trials. It's also getting a boost from Eylea, which is used to treat diabetic macular edema, he said.

Read MoreSanofi, Regeneron drug cuts cholesterol in nine late-stage trials

Cramer claimed to have first recommended Regeneron when the stock was trading at $5 a share. In late-morning trading Wednesday, REGN was hovering around the $330 level.

"This is a wonder of this market," Cramer said of REGN. "I still like it very much."

—By CNBC's Drew Sandholm. Reuters contributed to this report.

Disclosure: When this story was published, Cramer's charitable trust did not own Amgen or Regeneron.

Contact Squawk on the Street

  • Carl Quintanilla is an Emmy-winning reporter and co-anchor of CNBC's "Squawk on the Street," broadcast live from the NYSE.

  • Simon Hobbs co-anchors the 10 a.m. hour of CNBC's "Squawk on the Street" live from the New York Stock Exchange.

  • Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

  • “Squawk on the Street” Co-Anchor

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.